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Lecture Economics (6/e): Chapter 33 - Stephen L. Slavin

Chapter 33 - International Finance. The main contents of this chapter include all of the following: Financing international trade, the balance of payments, exchange rate systems, globalization of the U.S. dollar, growing foreign ownership of american assets. | Chapter 33 International Finance 33-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives Financing international trade The balance of payments Exchange rate systems Globalization of the U.S. dollar Growing foreign ownership of American assets 33-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Mechanics of International Finance International trade and finance are an extension of our nation’s economic activities beyond our borders The balance of payments includes the “balance of trade” which has been negative since the mid-1970s along with investment income, transfers of funds abroad, and capital inflows and outflows 33-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Balance of Payments The entire flow of U.S. dollars and foreign currencies into and out of the country constitutes the balance of payments The balance of payments has two parts The current account – a summary of all the goods and services produced during the current year that we buy from or sell to foreigners The capital account – records the long-term transactions that we conduct with foreigners The total of both accounts will always be zero 33-4 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 33-5 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 1. Current account 2. Merchandise 3. Exports + 790 4 Imports - 1,249 5. Balance of trade - 459 6. Services 7. Exports + 308 8. Imports - 220 9. Balances of services + 128 10. Income from investments 11. Income receipts + 343 12. Income payments - 361 13. Net investment income - 18 14. Net unilateral transfers abroad - 50 15 Balance on current account - 399 16. Capital account 17. Capital inflows + 898 18. Capital outflows - 430 19. Balance on capital account + 468 20. Statistical discrepancy - 69 21. Totals 0 U.S. Balance of Payments, 2000 (in $billions) Current Account Surpluses and Deficits, 1965-2000 33-6 . | Chapter 33 International Finance 33-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives Financing international trade The balance of payments Exchange rate systems Globalization of the U.S. dollar Growing foreign ownership of American assets 33-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Mechanics of International Finance International trade and finance are an extension of our nation’s economic activities beyond our borders The balance of payments includes the “balance of trade” which has been negative since the mid-1970s along with investment income, transfers of funds abroad, and capital inflows and outflows 33-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Balance of Payments The entire flow of U.S. dollars and foreign currencies into and out of the country constitutes the balance of payments The balance of payments has two parts The current account – a summary of all the goods